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ASIC asleep at the wheel AGAIN- Another Fraud Exposed

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Former Stingers and Underbelly actor Peter Phelps says his financial future is in ruins after claiming to have fallen victim to disgraced Queensland investment adviser Brad Sherwin.

The Australian actor, who currently appears in the Network Ten series Wonderland, has claimed his 35 years' worth of superannuation - more than $400,000 - was "stolen" by former financial adviser Brad Sherwin, who chaired the now-defunct Wickham Securities.

"Superannuation stolen by bankrupt 'financial adviser' Brad Sherwin," Phelps wrote on Facebook on Tuesday.

"Was property investing super ... [and] the **** frauds us.

"Kids future. Farm. Gone."

More than 300 self-funded retirees lost up to $27 million after investing with Mr Sherwin's company Wickham Securities - a mortgage finance lender providing funds for borrowers buying or refinancing commercial property.

Mr Sherwin ran Brisbane-based Wickham Securities with his brother-in-law Peter Siemons.

 

Wickham collapsed in December 2012, owing millions to investors.

Related entities, including DIY Superannuation Service and Sherwin Financial Planners, went bust a month later, owing another $30 million.

Investors are yet to see a cent.

It is not clear with which company linked to Mr Sherwin Phelps had invested his superannuation.

Wickham allegedly operated under a business model similar to that of Victoria's Banksia Securities, which collapsed in October 2012, owing 16,000 investors $660 million.

Liquidators have alleged Wickham created "fake loans" – one to cover up a withdrawal from the company bank account and a second to cover up a payment to a related company.

It has also been alleged Wickham was trading while insolvent from 2010.

Mr Sherwin was banned for 31 months in 2013 from operating in the financial services sector by the Australian Securities and Investments Commission.

  © AAP Image/Tracey Nearmy Actor Peter Phelps says his financial future is in ruins after being allegedly defrauded by Queensland investment adviser Brad Sherwin.

His assets, including a string of private companies and his wife's stake in a racehorse named Boomalicious, were frozen. Mr Sherwin was hospitalised soon after.

Mr Sherwin has previously denied wrongdoing, via his lawyer Adam Magill.

Earlier this month, the former chief executive of Wickham Securities, Garth Robertson, was charged with fraud. He is due to face court at a later date.

Phelps is notable for his role as Peter Church in the Australian television drama Stingers and as Trevor Cole in Baywatch. He also had a starring role in soap opera Sons and Daughters.

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  • Wayne
    Wayne Wednesday, 20 May 2015

    Hopeless ASIC again & again & again shows their a dud....The doctor believes the regulators, the ASX and ASIC, failed to properly oversee BBY's operations and magnified their mistakes in their handling of the administration.

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  • Aries
    Aries Saturday, 23 May 2015

    Dirty crooks the whole damn lot of them.......all corrupt helping each other to get away with crime.

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  • Louie2U
    Louie2U Tuesday, 26 May 2015

    So what will ASIC do this time? Probably get an attack of the willbees! Either that or they will simply write more of those useless brochures that are so damned full of empty hollow words meaning absolutely nothing but costing the public purse a bucket load to produce.

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Guest Thursday, 05 December 2019